Pakistan slashes fuel prices

Pakistan’s Minister for Petroleum Dr Asim Hussain has announced that prices of petroleum products and Compressed Natural Gas (CNG) will be adjusted downwards from Saturday. According to Dr Asim, with a reduction of Rs10.46 the new price of petrol would now be Rs89.74/litre. The minister for petroleum, who was flanked by Minister for Information Qamar Zaman Kaira, made the announcement during a news conference held in Islamabad on Friday. Oil and Gas Regulatory Authority (OGRA) is yet to issue a notification in this regard. Diesel after a slash of Rs6.8 would now be sold at Rs99.69/litre, he said. On the other hand, light diesel would now be available at Rs86.57 with a reduction of Rs5.2, he added. “Kerosene oil has also been made cheaper by Rs5.26. It would now be retailed at Rs88.79/ litre”, said the minister. Also from Saturday, HOBC (High Octane Blending Content) would be sold at Rs113.32 at all the outlets as its price had dropped by Rs11.75, said the petroleum minister. For CNG prices‚ Qamar Zaman Kaira said the price for Region I (Potohar‚ Khyber Pakhtoonkhwa and Balochistan) would be reduced by Rs4.82 a kilogramme and for Region II (Central Punjab and Sindh) Rs4.37 per kilogram. He said the Ministry of Petroleum and Natural Resources had approved this downward adjustment in the prices of oil and gas.from the gulf today.